So my situation is this, I have a full-time job but on the side, I re-sell things on eBay, and last year I was over the threshold and I got a 1099-K for the first time. I'm considering reporting that as a self-employment business since I think you can deduct the actual expenses from eBay shipping etc. which you cannot for hobby income. Is there any requirement for you to file the income as a self-employment business? do I need to have a business license or anything like that to qualify?
To enter the income as a self-employment business on TurboTax (Home & Business edition), do I just go to Business Tab -> Business, Income and Expenses -> Business Income -> General Income -> and just add an entry for 1099-K? Then all expenses can go under Business Expenses, eBay fees under Advertising, shipping under Other Misc Expenses, and cost of goods under Supplies since I don't have any inventory?
Also, I assume my business is a qualified business income since I didn't get the eBay income as a wage?
Thanks!
